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Reform got 4 seats with more votes than the Lib Dems, who got 72 seats. I wouldn't be fistpumping that if I thought they were a bunch of racists.
One of two things happens with Reform. Either the Conservatives sort their shit out, move back to the centre right, and win back the vote they lost to Reform, which renders Reform redundant, much like UKIP after Brexit. Or, and this is a very real possibility, the Conservatives are basically a dying party and their vote could move en masse to Reform at the next election.
Given Reform got enough votes to win 70+ seats if only their supporters didn't happen to be spread more evenly around the country rather than concentrated in particular regions, I think they have to be taken seriously.
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